Malta set to achieve highest economic growth in Europe in 2023

Malta’s real GDP growth in 2023 is expected to 3.8 per cent, according to the International Monetary Fund (IMF), which on Tuesday released a wide ranging publication looking at key indicators of country’s around the globe.

The rate of growth as established in October’s edition of the World Economic Outlook marks out Malta as having the highest growth rate in Europe. Malta is also set to retain its position next year, despite a downward revision in GDP growth to 3.3 per cent.

In its previous update, the IMF predicted a growth rate of 3.5 per cent in both 2023 and 2024.

Unemployment is also expected to remain close to negligible, increasing marginally from 2.9 per cent in 2022 to 3.1 and 3.2 per cent.

Taking to X (formerly known as Twitter) to share the news, Prime Minister Robert Abela welcomed Malta’s positive forecast.

Prime Minister Robert Abela welcomed the IMF forecasts, which placed Malta as “the fastest growing EU economy this year and the next, with the lowest unemployment rate in both years”.

He noted that this comes despite "weakening international conditions".

Despite weakening international conditions the IMF has revised up its GDP forecast for Malta to 3.8% and sees us as the fastest growing EU economy this year and the next, with the lowest unemployment rate in both years. Budget 2024 will see us strengthen our economy further. - RA

— Robert Abela (@RobertAbela_MT) October 10, 2023